Good morning to all of you :-)
Today we are going to look at two main intraday time frames which are Hourly (H1) and 4 hours (H4)
Indeed, in my last and previous analysis, I highlighted a potential double bottom formation in progress on H1 with its trigger level
@ 47'450 which has been filled and broken with an intraday high, so far @ 47'750.
HOURLY (H1)
The lack of follow through and both ongoing H1 downtrend line resistance and also the former support trend line, clearly stopped and rejected the ongoing
upside move; the lagging line, also, failed to upside breakout the clouds and as a result, the BTCUSD is currently traded around this important 47'450-47'500 area
which is also, by the way the top of the H1 clouds resistance area.
The RSI upside move has also been broken by the failure to hold above its uptrend line support, still above 50 @ 56.37
Watch the former resistance cluster which becomes now the FIRST SUPPORT area to look at (@47'300 -47'000)
A failure to hold above that area would put directly the focus to the H1 clouds bottom zone around 46'300 ahead of former lows "double bottom" @ 45'478
On the upside a breakout of both the ongoing downtrend line resistaance first ahead of a confirmation of an breakout of the former support trend line would neutralise the ongoing dowNside move
in that hourly time frame.
4 HOURS (H4)
Still under the clouds resistance area which once more, so far, did perfectly its job, in rejecting an new upside breakout attempts.
In addition, the price action triggered by a long white candle has been quickly aborted by the next black candle in making a reversal pattern (which should be confirmed by the ongoing H4 candle on a closing basis in the next
hours !)
Moreover, the ongoing uptrend support line (in green), is currently on its way to be tested with, slighlty below an important former resistance level which became now a new support level @ 46'795
A failure to stay and hold above this point would put the focus on lower levels, above mentioned in H1
On the upside, watch the clouds ahead of the ongoing downtrend line resistance as only a clear recovery and breakout above those points would force to a view reassessment of my expected ongoing bearish scenario.
Today's daily and weekly closing levels would give more clues for the upcoming week.
Daily and weekly closing level above 48'800 would be the first warning signal of potential trend reversal !!!
Have a nice Sunday.
Ironman8848 6 Jean-Pierre Burki
Today we are going to look at two main intraday time frames which are Hourly (H1) and 4 hours (H4)
Indeed, in my last and previous analysis, I highlighted a potential double bottom formation in progress on H1 with its trigger level
@ 47'450 which has been filled and broken with an intraday high, so far @ 47'750.
HOURLY (H1)
The lack of follow through and both ongoing H1 downtrend line resistance and also the former support trend line, clearly stopped and rejected the ongoing
upside move; the lagging line, also, failed to upside breakout the clouds and as a result, the BTCUSD is currently traded around this important 47'450-47'500 area
which is also, by the way the top of the H1 clouds resistance area.
The RSI upside move has also been broken by the failure to hold above its uptrend line support, still above 50 @ 56.37
Watch the former resistance cluster which becomes now the FIRST SUPPORT area to look at (@47'300 -47'000)
A failure to hold above that area would put directly the focus to the H1 clouds bottom zone around 46'300 ahead of former lows "double bottom" @ 45'478
On the upside a breakout of both the ongoing downtrend line resistaance first ahead of a confirmation of an breakout of the former support trend line would neutralise the ongoing dowNside move
in that hourly time frame.
4 HOURS (H4)
Still under the clouds resistance area which once more, so far, did perfectly its job, in rejecting an new upside breakout attempts.
In addition, the price action triggered by a long white candle has been quickly aborted by the next black candle in making a reversal pattern (which should be confirmed by the ongoing H4 candle on a closing basis in the next
hours !)
Moreover, the ongoing uptrend support line (in green), is currently on its way to be tested with, slighlty below an important former resistance level which became now a new support level @ 46'795
A failure to stay and hold above this point would put the focus on lower levels, above mentioned in H1
On the upside, watch the clouds ahead of the ongoing downtrend line resistance as only a clear recovery and breakout above those points would force to a view reassessment of my expected ongoing bearish scenario.
Today's daily and weekly closing levels would give more clues for the upcoming week.
Daily and weekly closing level above 48'800 would be the first warning signal of potential trend reversal !!!
Have a nice Sunday.
Ironman8848 6 Jean-Pierre Burki
